Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2025
Open to Public Inspection
For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25
Name of foundation
MUSTANG FOUNDATION INC
 
Number and street (or P.O. box number if mail is not delivered to street address) 5 BLACKBERRY BAY DRIVE
  Room/suite
City or town
OCEANPORT
State or province
NJ
Country  
ZIP or foreign postal code
07757
A Employer identification number

82-3625985
B Telephone number (see instructions)

7329639145
C
G Check all that apply:

D 1. Foreign organizations, check here.............
2. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
H Check type of organization:
F
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$32,803,506J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments 6,040 6,040  
4 Dividends and interest from securities... 829,393 829,393  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,094,924
b Gross sales price for all assets on line 6a 10,551,651
7 Capital gain net income (from Part IV, line 2)... 1,094,924
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
73,508 73,508  
12 Total. Add lines 1 through 11........ 2,003,865 2,003,865  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
9,000 0   9,000
c Other professional fees (attach schedule)....        
17 Interest............... 101 0   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
124,944 13,444   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
92,842 92,842   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 226,887 106,286   9,000
25 Contributions, gifts, grants paid....... 5,941,000 5,941,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 6,167,887 106,286   5,950,000
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -4,164,022
b Net investment income (if negative, enter -0-) 1,897,579
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 7,044 35,862 35,862
2 Savings and temporary cash investments......... 7,876,360 510,273 511,602
3 Accounts receivable  
Less: allowance for doubtful accounts        
4 Pledges receivable  
Less: allowance for doubtful accounts        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule)  
Less: allowance for doubtful accounts        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 3,525,197 Click to see attachment
List of Attached Documents:
// Content
4,266,211 		4,335,041
b Investments—corporate stock (attach schedule)....... 12,802,805 Click to see attachment
List of Attached Documents:
// Content
14,419,535 		20,511,873
c Investments—corporate bonds (attach schedule)....... 5,935,676 Click to see attachment
List of Attached Documents:
// Content
6,835,016 		7,083,393
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 252,282 Click to see attachment
List of Attached Documents:
// Content
325,735 		325,735
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)        
15 Other assets (describe )      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 30,399,364 26,392,632 32,803,506
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe )    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 30,399,364 26,392,632
29 Total net assets or fund balances (see instructions)..... 30,399,364 26,392,632
30 Total liabilities and net assets/fund balances (see instructions). 30,399,364 26,392,632
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
30,399,364
2
Enter amount from Part I, line 27a .....................
2
-4,164,022
3
Other increases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
3
157,290
4
Add lines 1, 2, and 3 ..........................
4
26,392,632
5
Decreases not included in line 2 (itemize)
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
26,392,632
Form 990-PF (2025)
Form 990-PF (2025)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a THRU GOLDMAN SACHS-9485      
b THRU GOLDMAN SACHS-WASH SALE ADJ-9485      
c AZEK COMPANY INC.-7933      
d PACIFIC PREMIER BANCORP, INC-7933      
e THRU GOLDMAN SACHS-7933      
THRU GOLDMAN SACHS-WASH SALE ADJ-7933      
THRU GOLDMAN SACHS-7933      
THRU GOLDMAN SACHS-WASH SALE ADJ-7933      
JACOBS ENGINEERING GROUP INC-7958      
INTERPUBLIC GROUP COS CMN-7958      
THRU GOLDMAN SACHS-7958      
THRU GOLDMAN SACHS-7958      
THOMSON REUTERS CORPORATION-7966      
THRU GOLDMAN SACHS-7966      
THRU GOLDMAN SACHS-7966      
THRU GOLDMAN SACHS-ORDINARY GAIN-7966      
UNICHARM CORPORATION-7974      
SONY GROUP CORPORATION      
THRU GOLDMAN SACHS-7974      
THRU GOLDMAN SACHS-WASH SALE ADJ-7974      
THRU GOLDMAN SACHS-7974      
THRU GOLDMAN SACHS-WASH SALE ADJ-7974      
ORSTED A/S ADR CMN-0739      
SONY GROUP CORPORATION-0739      
UNILEVER PLC-0739      
UNILEVER PLC-0739      
THRU GOLDMAN SACHS-0739      
THRU GOLDMAN SACHS-WASH SALE ADJ-0739      
THRU GOLDMAN SACHS-0739      
THRU GOLDMAN SACHS-WASH SALE ADJ-0739      
CAPITAL GAINS DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 950,000   984,770 -34,770
b 3,234     3,234
c 4     4
d 13     13
e 241,116   209,716 31,400
5,073     5,073
552,306   558,225 -5,919
5,430     5,430
16     16
8     8
766,684   585,985 180,699
3,783,209   3,621,797 161,412
95     95
639,576   627,447 12,129
101,145   99,932 1,213
603,315   579,037 24,278
3     3
1     1
226,071   198,702 27,369
1,524     1,524
222,739   219,329 3,410
443     443
906     906
4     4
29     29
13     13
375,326   394,322 -18,996
4,194     4,194
1,421,644   1,377,465 44,179
1,811     1,811
645,719     645,719
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       -34,770
b       3,234
c       4
d       13
e       31,400
      5,073
      -5,919
      5,430
      16
      8
      180,699
      161,412
      95
      12,129
      1,213
      24,278
      3
      1
      27,369
      1,524
      3,410
      443
      906
      4
      29
      13
      -18,996
      4,194
      44,179
      1,811
      645,719
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 1,094,924
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ......................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 26,376
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 26,376
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 26,376
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 72,456
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 72,456
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10 46,080
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax35,000 Refunded 11 11,080
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $ 0(2) On foundation managers.$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
NJ
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .Click to see attachment
List of Attached Documents:
// Content
8b
 
No
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressN/A
14
The books are in care ofJEFFREY GOLDGRAB Telephone no. (516) 908-7770

Located at46 STAUDERMAN AVENUELYNBROOKNY ZIP+411563
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
Yes
 
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
No
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
FRANCES TURNER TRUSTEE AND PRESIDENT
0.20 		0 0 0
5 BLACKBERRY BAY DRIVE
OCEANPORT,NJ07757
PAUL TURNER TRUSTEE AND VICE-PRESIDENT
0.20 		0 0 0
5 BLACKBERRY BAY DRIVE
OCEANPORT,NJ07757
KARLA L ARRIA-DEVOE TRUSTEE AND TREASURER
0.20 		0 0 0
5 BLACKBERRY BAY DRIVE
OCEANPORT,NJ07757
ANDREA R ARRIA-DEVOE TRUSTEE AND SECRETARY
0.20 		0 0 0
5 BLACKBERRY BAY DRIVE
OCEANPORT,NY07757
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000................... 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................0
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
32,998,313
b
Average of monthly cash balances.......................
1b
8,407
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
33,006,720
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
33,006,720
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
495,101
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
32,511,619
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
1,625,581
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
1,625,581
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
26,376
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
26,376
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,599,205
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,599,205
6
Deduction from distributable amount (see instructions) .................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,599,205
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
5,950,000
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
5,950,000
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7 1,599,205
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2025:
a From 2020......  
b From 2021......  
c From 2022......  
d From 2023...... 583,191
e From 2024...... 4,156,598
f Total of lines 3a through e ........ 4,739,789
4Qualifying distributions for 2025 from Part
XI, line 4: $ 5,950,000
a Applied to 2024, but not more than line 2a 0
b Applied to undistributed income of prior years
(Election required—see instructions) ..... 		0
c Treated as distributions out of corpus (Election
required—see instructions) ........ 		0
d Applied to 2025 distributable amount..... 1,599,205
e Remaining amount distributed out of corpus 4,350,795
5 Excess distributions carryover applied to 2025. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 9,090,584
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2024. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2025. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2026 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		9,090,584
10 Analysis of line 9:
a Excess from 2021 ....  
b Excess from 2022 ....  
c Excess from 2023 .... 583,191
d Excess from 2024 .... 4,156,598
e Excess from 2025 .... 4,350,795
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

MULTIPLIER-THE ALL WE CAN SAVE PROJECT

2261 MARKET STREET STE 86505
SAN FRANCISCO,CA94114 		N/A   GENERAL SUPPORT 10,000

OMEGA INSTITUTE FOR HOLISTIC STUDIES

150 LAKE DRIVE
RHINEBECK,NY12572 		N/A   GENERAL SUPPORT 300,000

CENTER FOR DISASTER PHILANTHROPY

ONE THOMAS CIRCLE NW STE 700
WASHINGTON,DC20005 		N/A   GENERAL SUPPORT 25,000

CHESS IN THE SCHOOLS

520 EIGHTH AVENUE 22ND FLOOR
NEW YORK,NY10018 		N/A   GENERAL SUPPORT 25,000

EDWARD CHARLES FOUNDATION

269 SOUTH BEVERLY DRIVE 338
BEVERLY HILLS,CA90212 		N/A   GENERAL SUPPORT 50,000

ELI WALL OSTEOSARCOMA FUND-MIB AGENTS

PO BOX 858
BARNARD,VT05031 		N/A   GENERAL SUPPORT 10,000

WILLIAMS BE YOURSELF CHALLENGE

105 CAPITAL WILSON LANE
CARLISLE,MA01741 		N/A   GENERAL SUPPORT 25,000

DOVE LEWIS EMERGENCY HOSPITAL

1945 NW PETTYGROVE STREET
PORTLAND,OR97209 		N/A   GENERAL SUPPORT 10,000

THE METROPOLITAN OPERA

30 LINCOLN CENTER
NEW YORK,NY10023 		N/A   GENERAL SUPPORT 50,000

YMCA OF GREATER MONMOUTH COUNTY

170 PATTERSON AVENUE
SHREWSBURY,NJ07702 		N/A   GENERAL SUPPORT 1,000,000

NATIONAL DANCE INSTITUTE

217 W 147TH STREET
NEW YORK,NY10039 		N/A   GENERAL SUPPORT 20,000

COUNT BASIE THEATRE

99 MONMOUTH STREET
RED BANK,NJ07701 		N/A   GENERAL SUPPORT 75,000

WORLD TRADE CENTER PERFORMING ARTS CENTER INC

ONE LIBERTY PLAZA 29TH FLOOR
NEW YORK,NY10006 		N/A   GENERAL SUPPORT 25,000

KLEMO FOUNDATION

622A QUAIL GARDENS LANE
ENCINITAS,CA92024 		N/A   GENERAL SUPPORT 25,000

COUNCIL ON THE ENVIRONMENT INC

100 GOLD STREET 3300
NEW YORK,NY10038 		N/A   GENERAL SUPPORT 50,000

WOMEN FIRST TRANSITION AND REFERRAL CENTER

10373 NE HANCOCK STREET SUITE 106
PORTLAND,OR97220 		N/A   GENERAL SUPPORT 25,000

STATE DEMOCRACY PROJECT

77 SANDS STREET 6TH FLOOR
BROOKLYN,NY11201 		N/A   GENERAL SUPPORT 10,000

ALLAIRE COMMUNITY FARM

1923 BAILEYS CORNER ROAD
WALL TOWNSHIP,NJ07719 		N/A   GENERAL SUPPORT 50,000

ADELANTE MUJERRES

2030 MAIN STREET A
FOREST GROVE,OR97116 		N/A   GENERAL SUPPORT 25,000

EARTH ISLAND INSTITUTE

1923 BAILEYS CORNER ROAD
WALL TOWNSHIP,NJ07719 		N/A   GENERAL SUPPORT 50,000

BLOOM WHERE PLANTED

801 SOUTH PASADENA AVENUE
PASADENA,CA91105 		N/A   GENERAL SUPPORT 20,000

BOOMER ESIASON FOUNDATION

200 B ARMSTRONG ROAD
GARDEN CITY PARK,NY11040 		N/A   GENERAL SUPPORT 50,000

HUMANE WORLD FOR ANIMALS INC

1255 23RD STREET NW SUITE 450
WASHINGTON,DC20037 		N/A   GENERAL SUPPORT 50,000

BRICK CITY KITTIES RESCUE

493 SOUTH 15TH STREET
NEWARK,NJ07103 		N/A   GENERAL SUPPORT 80,000

CITTA

CHURCH STREET STATION PO BOX 3445
NEW YORK,NY10008 		N/A   GENERAL SUPPORT 20,000

COALITION FOR THE HOMELESS

129 FULTON STREET
NEW YORK,NY10038 		N/A   GENERAL SUPPORT 50,000

CREATIVE GROWTH

355 24TH STREET
OAKLAND,CA94612 		N/A   GENERAL SUPPORT 11,000

EVERY WOMAN TREATY

9030 35TH AVENUE SW SUITE 100 1000
SEATTLE,WA98126 		N/A   GENERAL SUPPORT 50,000

FIND YOUR LIGHT FOUNDATION

PO BOX 48290
LOS ANGELES,CA90048 		N/A   GENERAL SUPPORT 350,000

GENTLE GIANTS DRAFT HORSE RESCUE

17250 OLD FREDERICK ROAD
MT AIRY,MD21771 		N/A   GENERAL SUPPORT 450,000

GLOBAL HEALTH CORPS INC

307 W 38TH STREET 16TH FLOOR 1003
NEW YORK,NY10018 		N/A   GENERAL SUPPORT 150,000

HER VILLAGEINC

5030 BROADWAY
NEW YORK,NY10034 		N/A   GENERAL SUPPORT 10,000

LUNCH BREAK

121 DRS JAMES PARKER BLVD
RED BANK,NJ07701 		N/A   GENERAL SUPPORT 100,000

LUV MICHAEL

315 EAST SHORE ROAD
MANHASSET,NY11030 		N/A   GENERAL SUPPORT 25,000

MONMOUTH COUNTY SPCA

260 WALL STREET
EATONTOWN,NJ07724 		N/A   GENERAL SUPPORT 625,000

PATH HOME

6220SE 92ND AVENUE
PORTLAND,OR97266 		N/A   GENERAL SUPPORT 140,000

ROUNDABOUT THEATER COMPANY

231 WEST 39TH STREET SUITE 1200
NEW YORK,NY10018 		N/A   GENERAL SUPPORT 1,300,000

SOUP KITCHEN 411

PO BOX 1698
BETHLEHEM,PA18016 		N/A   GENERAL SUPPORT 15,000

THE ALLIANCE FOR CLIMATE PROTECTION

555 12TH STREET NW SUITE 350
WASHINGTON,DC20004 		N/A   GENERAL SUPPORT 35,000

THE BRIDGE PROJECT

515 CANAL STREET 1C
NEW YORK,NY10013 		N/A   GENERAL SUPPORT 25,000

THE BRIGID ALLIANCE

PO BOX 58
NEW YORK,NY10024 		N/A   GENERAL SUPPORT 50,000

THE CLIMATE MUSEUM

630 NINTH AVENUE SUITE 1010
NEW YORK,NY10036 		N/A   GENERAL SUPPORT 200,000

WHARTON INSTITUTE FOR THE PERFORMING ARTS

60 LOCUST AVENUE
BERKELEY HEIGHTS,NJ07922 		N/A   GENERAL SUPPORT 250,000

WOMEN MOVING MILLIONS INC

19 FULTON STREET 301
NEW YORK,NY10038 		N/A   GENERAL SUPPORT 25,000
Total ................................. 3a 5,941,000
bApproved for future payment
Total ................................. 3b 0
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    14 6,040  
4 Dividends and interest from securities ....     14 829,393  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....     16 73,508  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 1,094,924  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 2,003,865 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,003,865
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Preparer's name Preparer's Signature Date Check if self-
employed 		PTIN
Firm's name
Firm's EIN
Firm's address


Phone no.
Form 990-PF (2025)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 AccountingFeesSchedule
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAX SERVICES 9,000 0   9,000
BOOKKEEPING SERVICES 0 0   0

TY 2025 ExplnOfNonFilingWithAGStmt
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
Statement:
THE FOUNDATION IS NOT REQUIRED TO FILE WITH THE STATE OF NEW JERSEY.

TY 2025 InvestmentsCorpBondsSchedule
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
Name of Bond End of Year Book Value End of Year Fair Market Value
INTEL CORPORATION 2.45% 11/15/2029 USD SR LIEN 84,783 88,091
BAXTER INTERNATIONAL INC. 1.73% 04/01/2031 USD SR LIEN 64,542 67,206
UNION PACIFIC CORPORATION 2.891% 04/06/2036 USD SER WI SR LIEN 118,535 124,452
WESTPAC BANKING CORP HYBRID 07/24/2034 USD SUB LIEN CPN 07/24/19 4.11% 54,149 60,136
PNC FINANCIAL SERVICES GROUP, HYBRID 01/24/2034 USD SR LIEN CPN 01/24/23 5.0 55,514 57,569
METLIFE, INC 5.7% 06/15/2035 USD SR LIEN 55,238 54,693
BANK OF AMERICA CORPORATION HYBRID 07/22/2027 USD SR LIEN CPN 04/22/21 1.734 144,004 155,214
3M COMPANY MTN 3.375% 03/01/2029 USD SR LIEN 46,388 47,609
DOW CHEMICAL CO/THE 4.25% 10/01/2034 USD SR LIEN 42,805 41,631
CITIGROUP INC. HYBRID 01/28/2027 USD SR LIEN CPN 01/28/21 1.122% 41,326 47,117
BERRY GLOBAL INC 1.57% 01/15/2026 USD SR LIEN 45,940 46,287
WALT DISNEY COMPANY (THE) MTN 1.85% 07/30/2026 USD SR LIEN 44,345 44,851
MCKESSON CORPORATION 1.3% 08/15/2026 USD SR LIEN 125,505 126,593
REALTY INCOME CORPORATION 3.0% 01/15/2027 USD SR LIEN 43,236 44,219
ECOLAB INC. 2.7% 11/01/2026 USD SR LIEN 43,397 43,802
CAPITAL ONE FINANCIAL CORPORA HYBRID 05/10/2028 USD SR LIEN CPN 05/09/22 4.9 41,316 42,794
SUMITOMO MITSUI FINANCIAL GROU 3.944% 07/19/2028 USD SR LIEN 113,921 118,146
AT&T INC. 4.5% 05/15/2035 USD SR LIEN 39,363 39,693
CROWN CASTLE INTL CORP 1.05% 07/15/2026 USD SR LIEN 41,126 41,511
EBAY INC. 3.6% 06/05/2027 USD SR LIEN 95,625 96,737
JPMORGAN CHASE & CO. HYBRID 01/29/2027 USD SR LIEN CPN 01/29/19 3.96% 37,018 38,629
SERVICENOW, INC. 1.4% 09/01/2030 USD SR LIEN 38,282 39,894
DUKE ENERGY PROGRESS LLC 3.45% 03/15/2029 USD SR LIEN 36,810 37,813
BANK OF MONTREAL HYBRID MTN 01/22/2027 USD SR LIEN CPN 01/22/21 0.949% 34,791 39,088
FORTIVE CORPORATION 3.15% 06/15/2026 USD SER WI SR LIEN 35,717 35,906
DELL INT LLC / EMC CORP 4.9% 10/01/2026 USD SR LIEN 31,862 32,542
SOUTHERN COMPANY (THE) STEP 08/01/2027 USD JRSUB LIEN 5.113% 05/09/22-08/01/ 31,247 32,162
REALTY INCOME CORPORATION 5.625% 10/13/2032 USD SR LIEN 31,027 32,208
GENERAL MOTORS COMPANY 5.6% 10/15/2032 USD SR LIEN 29,557 31,775
VERIZON COMMUNICATIONS, INC. 4.016% 12/03/2029 USD SER WI SR LIEN 31,164 31,885
UNITEDHEALTH GROUP INC 4.625% 07/15/2035 USD SR LIEN 28,276 28,246
GENERAL MOTORS FINL CO 4.3% 04/06/2029 USD SR LIEN 27,768 29,251
UNITEDHEALTH GROUP INCORPORATE 5.8% 03/15/2036 USD SR LIEN 25,245 27,147
DUKE ENERGY FLORIDA LLC 1.75% 06/15/2030 USD SR LIEN 29,011 29,798
ORACLE CORPORATION 2.8% 04/01/2027 USD SR LIEN 28,268 28,630
DELL INTERNATIONAL L.L.C. 5.25% 02/01/2028 USD SR LIEN EMC CORP 25,195 26,115
OMNICOM GROUP INC. 3.6% 04/15/2026 USD SR LIEN 25,929 26,159
CVS HEALTH CORPORATION 4.875% 07/20/2035 USD SR LIEN 24,854 25,184
MITSUBISHI UFJ FINANCIAL GROUP 4.05% 09/11/2028 USD SR LIEN 73,007 75,197
NXP B.V. 4.4% 06/01/2027 USD SR LIEN NXP FUNDING LLC / NXP USA INC 24,802 25,200
SIMON PROPERTY GROUP INC 1.75% 02/01/2028 USD SR LIEN 25,287 26,082
AUTONATION INC 4.75% 06/01/2030 USD SR LIEN 23,950 25,351
BANK OF NOVA SCOTIA 4.85% 02/01/2030 USD SR LIEN 22,687 24,017
EMERSON ELECTRIC CO 1.95% 10/15/2030 USD SR LIEN 23,962 24,650
VERIZON COMMUNICATIONS INC. 4.4% 11/01/2034 USD SR LIEN 22,834 23,379
CAPITAL ONE FINANCIAL CORPORAT HYBRID 03/01/2030 USD SR LIEN CPN 03/03/22 3. 21,617 24,545
ARCH CAPITAL FINANCE LLC 4.011% 12/15/2026 USD SR LIEN 21,829 22,038
NXP B.V. 2.5% 05/11/2031 USD SER WI SR LIEN 21,263 22,734
TELEDYNE TECHNOLOGIES IN 2.75% 04/01/2031 USD SR LIEN 20,939 22,396
AUTONATION INC 3.85% 03/01/2032 USD SR LIEN 20,246 21,943
CITIGROUP INC. HYBRID 11/05/2030 USD SR LIEN CPN 11/05/19 2.976% 65,897 70,872
WELLS FARGO & COMPANY HYBRID MTN 10/30/2030 USD SR LIEN CPN 10/31/19 2.879% 19,631 22,001
BANK OF AMERICA CORPORATION HYBRID MTN 10/22/2030 USD SR LIEN CPN 10/22/19 2 19,479 22,023
M&T BANK CORPORATION HYBRID 01/27/2034 USD SR LIEN CPN 01/27/23 5.053% 20,016 21,623
MORGAN STANLEY HYBRID 05/04/2027 USD SR LIEN CPN 04/22/21 1.593% 18,681 20,871
DOMINION RESOURCES, INC. 5.95% 06/15/2035 SER B SR LIEN 19,106 19,250
ERP OPERATING LP 2.85% 11/01/2026 USD SR LIEN 65,076 65,766
FISERV INC 3.2% 07/01/2026 USD SR LIEN 13,878 14,164
NXP B.V. 3.875% 06/18/2026 USD SR LIEN 11,936 12,003
AIR PRODUCTS & CHEMICALS 4.75% 02/08/2031 USD SR LIEN 97,805 103,491
ALEXANDRIA REAL ESTATE EQUITIE 4.75% 04/15/2035 USD SR LIEN 67,513 70,146
AMERICAN ELECTRIC POWER 5.625% 03/01/2033 USD SR LIEN 87,324 93,137
AMERICAN EXPRESS CO HYBRID 07/26/2035 USD SR LIEN CPN 07/26/24 5.284% 98,663 103,385
AMERICAN TOWER CORP 5.65% 03/15/2033 USD SR LIEN 59,898 62,169
AMGEN INC. 5.25% 03/02/2033 USD SR LIEN 79,284 82,206
AON NORTH AMERICA, INC. 5.3% 03/01/2031 USD SR LIEN 71,876 76,403
BANK OF NY MELLON CORP HYBRID MTN 03/14/2030 USD SR LIEN CPN 03/14/24 4.975% 160,033 166,021
BELL CANADA 5.1% 05/11/2033 USD SR LIEN 46,674 48,082
5CANADIAN IMPERIAL BANK OF COMM 5.26% 04/08/2029 USD SR LIEN 59,825 62,910
CENCORA INC 5.125% 02/15/2034 USD SR LIEN 37,565 39,778
EVERSOURCE ENERGY 5.85% 04/15/2031 USD SR LIEN 51,368 54,483
FISERV INC 5.45% 03/02/2028 USD SR LIEN 36,129 37,523
HUMANA INC. 5.375% 04/15/2031 USD SR LIEN 53,432 56,485
NASDAQ, INC. 5.55% 02/15/2034 USD SR LIEN 53,737 57,928
ORACLE CORPORATION 2.95% 04/01/2030 USD SR LIEN 41,896 42,853
OTIS WORLDWIDE CORPORATION 5.25% 08/16/2028 USD SR LIEN 52,200 54,628
PFIZER INC 2.625% 04/01/2030 USD SR LIEN 77,794 79,907
STARBUCKS CORP 2.45% 06/15/2026 USD SR LIEN 61,235 61,641
THE CIGNA GROUP 5.125% 05/15/2031 USD SR LIEN 35,548 37,482
TORONTO-DOMINION BANK 5.264% 12/11/2026 USD SR LIEN 36,015 36,551
TRUIST FINANCIAL CORPORATION HYBRID MTN 01/26/2029 USD SR LIEN CPN 01/26/23 44,047 46,670
US BANCORP HYBRID 01/23/2030 USD SR LIEN CPN 01/23/24 5.384% 43,919 46,639
AUTOZONE INC 4.75% 02/01/2033 USD SR LIEN 65,761 69,587
BROADCOM INC. 5.2% 07/15/2035 USD SR LIEN 50,454 51,537
DOW CHEMICAL CO/THE 5.15% 02/15/2034 USD SR LIEN 47,173 48,659
FOX CORPORATION 4.709% 01/25/2029 USD SER WI SR LIEN 62,567 65,122
MORGAN STANLEY HYBRID 01/16/2030 USD SR LIEN CPN 01/18/24 5.173% 87,430 91,430
PFIZER INC. 1.75% 08/18/2031 USD SR LIEN 82,099 82,851
THE CIGNA GROUP 5.25% 02/15/2034 USD SR LIEN 52,265 55,640
TR FINANCE LLC 3.35% 05/15/2026 SER * SR LIEN 36,787 38,009
BANK OF MONTREAL HYBRID 01/27/2029 USD SR LIEN CPN 01/27/25 5.004% 67,249 69,722
RBC BLUEBAY HIGH YIELD HIGH YIELD BOND FUND I 2,360,249 2,423,430

TY 2025 InvestmentsCorpStockSchedule
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
Name of Stock End of Year Book Value End of Year Fair Market Value
ABBOTT LABORATORIES CMN 33,451 42,348
ABBVIE INC CMN 27,133 79,743
ACCENTURE PLC CMN CLASS A 33,220 35,684
ADOBE INC CMN 17,869 29,049
AGILENT TECHNOLOGIES, INC. CMN 4,179 7,348
AIR PRODUCTS & CHEMICALS INC CMN 13,065 11,363
AKAMAI TECHNOLOGIES, INC. CMN 1,795 2,007
ALBEMARLE CORP CMN 3,788 3,677
ALEXANDRIA REAL ESTATE EQUITIES, INC. 3,168 1,615
ALLSTATE CORPORATION COMMON STOCK 7,281 11,240
ALPHABET INC. CMN CLASS A 64,880 363,393
ALPHABET INC. CMN CLASS C 60,664 292,462
AMAZON.COM INC CMN 447,760 446,406
AMCOR PLC CMN 3,925 2,952
AMERICAN EXPRESS CO. CMN 9,736 42,914
AMERICAN INTL GROUP, INC. CMN 6,300 9,325
AMERICAN TOWER CORPORATION CMN 20,102 17,557
AMERICAN WATER WORKS CO, INC. CMN 4,475 4,437
AMERIPRISE FINANCIAL, INC. CMN 16,702 16,671
AON PUBLIC LIMITED COMPANY CMN 13,339 17,291
APPLE INC. CMN 136,511 803,346
APTIV PLC CMN 5,544 4,185
ARCHER-DANIELS-MIDLAND COMPANY CMN 6,767 5,461
ASSURANT, INC. CMN 1,861 2,890
AT&T INC. CMN 25,869 35,198
AVALONBAY COMMUNITIES INC CMN 4,347 4,714
AVERY DENNISON CORPORATION CMN 1,210 1,273
BALL CORPORATION CMN 2,626 2,701
BANK OF AMERICA CORP CMN 44,846 75,955
BAXTER INTERNATIONAL INC CMN 4,681 2,351
BECTON, DICKINSON AND COMPANY CMN 13,342 10,674
BEST BUY CO INC CMN 2,526 2,209
BIOGEN INC. CMN 6,568 4,928
BLACKROCK FUNDING, INC. CMN 26,460 38,532
BLOCK,INC. CMN 9,015 7,616
BOSTON SCIENTIFIC CORP. COMMON STOCK 10,370 27,937
BROADRIDGE FINANCIAL SOLUTIONS IN CMN 4,517 5,356
C.H. ROBINSON WORLDWIDE, INC. CMN 1,967 3,537
CARDINAL HEALTH, INC. CMN 2,018 8,836
CARNIVAL CORPORATION CMN 2,378 6,933
CARRIER GLOBAL CORPORATION CMN 6,662 8,296
CATERPILLAR INC (DELAWARE) CMN 11,198 54,423
CBOE GLOBAL MARKETS, INC CMN 2,804 4,769
CBRE GROUP, INC. CMN CLASS A 2,999 10,451
CENCORA INC CMN 5,977 13,172
CENTENE CORPORATION CMN 5,799 3,457
CHUBB LIMITED CMN 8,813 23,097
CIGNA GROUP/THE CMN 8,019 14,587
CISCO SYSTEMS, INC. CMN 36,952 59,621
CITIGROUP INC. CMN 17,705 43,875
CITIZENS FINANCIAL GROUP, INC. CMN 2,709 4,731
CME GROUP INC. CMN CLASS A 12,498 19,116
COCA-COLA COMPANY (THE) CMN 47,127 53,132
COLGATE-PALMOLIVE CO CMN 12,334 12,643
CONSTELLATION ENERGY CORP CMN 2,744 22,256
CORTEVA, INC. CMN 7,995 9,183
CSX CORPORATION CMN 10,538 12,506
CUMMINS INC COMMON STOCK 8,211 14,803
CVS HEALTH CORP CMN 17,256 19,761
DAVITA INC CMN 373 568
DEERE & COMPANY CMN 6,790 23,744
DELTA AIR LINES, INC. CMN 4,717 9,300
DIGITAL REALTY TRUST, INC. CMN 6,545 9,747
DOW INC CMN 4,880 4,115
EATON CORP PLC CMN 8,289 28,666
EBAY INC. CMN 3,787 7,665
ECOLAB INC. CMN 7,490 12,601
EDWARDS LIFESCIENCES CORPORATI CMN 7,211 9,889
ELEVANCE HEALTH INC CMN 12,243 15,775
ELI LILLY & CO CMN 20,066 170,874
EMERSON ELECTRIC CO. CMN 8,811 13,803
ENTERGY CORPORATION CMN 5,566 8,966
EQUINIX, INC. REIT 13,789 15,323
EQUITY RESIDENTIAL CMN 2,974 3,215
ESSEX PROPERTY TRUST INC CMN 3,483 3,925
ESTEE LAUDER COS INC CL-A CMN CLASS A 7,430 5,445
EVERSOURCE ENERGY CMN 4,851 5,050
EXELON CORPORATION CMN 7,720 8,195
EXTRA SPACE STORAGE INC. CMN 6,239 5,860
FACTSET RESEARCH SYSTEMS INC CMN 3,320 2,322
FEDERAL REALTY INVESTMENT TRUS CMN 373 403
FIDELITY NATL INFO SVCS INC CMN 5,343 6,048
FIFTH THIRD BANCORP CMN 1,723 5,992
FORD MOTOR COMPANY CMN 3,504 10,286
FREEPORT-MCMORAN INC CMN 1,768 14,272
GENERAL MILLS INC CMN 6,784 4,278
GENERAL MOTORS COMPANY CMN 5,206 15,126
GILEAD SCIENCES CMN 19,497 30,071
GLOBE LIFE INC CMN 1,736 2,378
HALLIBURTON COMPANY CMN 5,223 4,804
HASBRO, INC. CMN 1,770 2,542
HEALTHPEAK OP, LLC CMN 2,750 2,299
HEWLETT PACKARD ENTERPRISE CO CMN 3,902 5,933
HILTON WORLDWIDE HOLDINGS INC. CMN 5,077 12,352
HOST HOTELS & RESORTS INC CMN 2,039 2,287
HP INC. CMN 4,208 3,409
HUMANA INC. CMN 10,347 6,403
HUNTINGTON BANCSHARES INCORPOR CMN 5,058 6,211
ILLINOIS TOOL WORKS CMN 12,272 13,300
INGERSOLL RAND INC CMN 3,390 4,991
INTEL CORPORATION CMN 21,646 32,103
INTL BUSINESS MACHINES CORP CMN 26,104 54,799
INTL.FLAVORS & FRAGRANCE CMN 4,305 3,302
INVESCO LTD. CMN 3,753 5,412
IRON MOUNTAIN INCORPORATED CMN 1,562 5,060
J B HUNT TRANS SVCS INC CMN 1,497 1,749
JOHNSON CONTROLS INTERNATIONAL CMN 7,898 15,568
JPMORGAN CHASE & CO CMN 47,829 176,899
KEYCORP CMN 3,149 4,685
KIMCO REALTY OP, LLC CMN 1,237 2,716
KINDER MORGAN INC CMN CLASS P 5,652 9,017
KLA CORP CMN 8,419 32,807
KROGER COMPANY CMN 6,120 7,810
LAM RESEARCH CORPORATION CMN 6,125 43,309
LINDE PLC CMN 14,648 39,228
LOWES COMPANIES INC CMN 8,400 26,286
LYONDELLBASELL INDUSTRIES N.V. CMN CLASS A 4,635 2,511
M&T BANK CORPORATION CMN 4,028 6,447
MARATHON PETROLEUM CORPORATION CMN 7,029 9,758
MARRIOTT INTERNATIONAL, INC CMN CLASS A 7,801 15,202
MASTERCARD INCORPORATED CMN CLASS A 58,760 93,624
MCCORMICK & CO NON VTG SHRS CMN 4,086 3,474
MEDTRONIC PUBLIC LIMITED COMPA CMN 22,685 27,185
MERCK & CO., INC. CMN 37,140 52,314
META PLATFORMS INC-CLASS A CMN CLASS A 135,148 285,159
METLIFE, INC. CMN 5,443 10,341
METTLER-TOLEDO INTL CMN 5,390 5,577
MICRON TECHNOLOGY, INC. CMN 9,684 64,217
MICROSOFT CORPORATION CMN 172,943 715,758
MOHAWK INDUSTRIES INC COMMON STOCK 1,105 1,202
MONDELEZ INTERNATIONAL, INC. CMN 16,548 13,727
MOODY'S CORPORATION CMN 8,643 19,412
MORGAN STANLEY CMN 9,861 51,306
MOSAIC COMPANY (THE) CMN 762 1,421
MSCI INC. CMN 8,157 9,753
NASDAQ INC. CMN 6,651 11,461
NEWMONT CORP CMN 9,546 22,067
NEXTERA ENERGY, INC. CMN 30,185 33,316
NIKE CLASS-B CMN CLASS B 22,784 14,398
NORFOLK SOUTHERN CORP CMN 9,982 12,415
NORTHERN TRUST CORP CMN 5,801 8,878
NORWEGIAN CRUISE LINE HLDG LTD CMN 1,570 2,478
NVIDIA CORPORATION CMN 39,091 907,136
ON SEMICONDUCTOR CORPORATION CMN 4,329 4,061
ONEOK INC CMN 8,453 9,114
OTIS WORLDWIDE CORPORATION CMN 4,910 5,241
PACCAR INC CMN 6,677 10,732
PAYPAL HOLDINGS, INC. CMN 13,599 11,384
PENTAIR PLC. CMN 1,767 3,228
PEPSICO, INC. CMN 45,801 38,894
PNC FINANCIAL SERVICES GROUP, CMN 12,519 17,116
PPG INDUSTRIES, INC. CMN 5,687 4,611
PRINCIPAL FINANCIAL GROUP, INC CMN 4,440 4,852
PROLOGIS INC CMN 21,950 24,894
PRUDENTIAL FINANCIAL INC CMN 5,896 10,836
PUBLIC STORAGE CMN 9,301 8,564
PUBLIC-SVC ENTERPRISE GROUP HOLDING CO 6,120 7,950
PULTEGROUP INC. CMN 2,093 4,690
QUALCOMM INC CMN 13,045 36,092
QUEST DIAGNOSTICS INCORPORATED CMN 2,416 2,950
RALPH LAUREN CORP CMN CLASS A 926 2,829
REGENCY CENTERS CORPORATION CMN 415 483
REGENERON PHARMACEUTICAL INC CMN 9,131 14,666
REGIONS FINANCIAL CORPORATION CMN 1,445 3,686
REPUBLIC SERVICES INC CMN 2,317 7,206
ROCKWELL AUTOMATION INC CMN 5,230 7,781
ROYAL CARIBBEAN GROUP ISIN: LR0008862868 2,442 14,504
S&P GLOBAL INC. CMN 12,933 34,491
SALESFORCE INC CMN 23,979 50,333
SEMPRA ENERGY CMN 10,227 12,007
SOUTHWEST AIRLINES CO CMN 3,650 5,042
STANLEY BLACK & DECKER, INC. CMN 2,544 2,526
STARBUCKS CORP. CMN 20,969 18,863
STATE STREET CORPORATION (NEW) CMN 7,016 11,740
SYNCHRONY FINANCIAL CMN 3,164 7,842
T-MOBILE US, INC. CMN 14,312 19,695
T. ROWE PRICE GROUP, INC. CMN 6,671 6,245
TAPESTRY, INC. CMN 1,821 5,622
TARGET CORPORATION CMN 7,673 8,504
TESLA, INC. CMN 85,803 251,843
THE BANK OF NY MELLON CORP CMN 8,904 22,173
THE HERSHEY COMPANY CMN 3,431 5,641
THE HOME DEPOT, INC. CMN 56,355 68,476
THE KRAFT HEINZ CO CMN 4,969 3,492
THE WILLIAMS COMPANIES, INC. CMN 6,896 13,344
TJX COMPANIES INC (NEW) CMN 8,724 33,026
TRACTOR SUPPLY COMPANY CMN 4,887 5,301
TRANE TECHNOLOGIES PUBLIC LIMI CMN 4,770 20,238
TRUIST FINANCIAL CORPORATION CMN 10,605 13,139
TYSON FOODS INC CL-A CMN CLASS A 2,552 2,579
U.S. BANCORP CMN 12,640 16,595
UNION PACIFIC CORP. CMN 22,229 27,296
UNITED RENTALS, INC. CMN 4,868 10,521
UNITEDHEALTH GROUP INCORPORATE CMN 40,609 59,750
VENTAS, INC. CMN 3,685 6,423
VERISK ANALYTICS, INC. CMN 4,993 6,263
VERIZON COMMUNICATIONS, INC. CMN 31,911 33,602
VISA INC. CMN CLASS A 74,167 118,189
W.W. GRAINGER INC CMN 2,316 9,081
WALT DISNEY COMPANY (THE) CMN 33,233 41,299
WASTE MANAGEMENT INC CMN 12,099 16,478
WATERS CORPORATION COMMON STOCK 4,250 4,938
WELLS FARGO & CO (NEW) CMN 13,588 60,114
WELLTOWER, INC. CMN 9,991 24,686
WEYERHAEUSER COMPANY CMN 3,522 2,701
XYLEM INC. CMN 4,236 5,583
YUM BRANDS, INC. CMN 3,112 6,959
PARNASSUS CORE EQUITY FUND INVESTOR CLASS 3,925,766 4,056,958
SPX TECHNOLOGIES INC CMN 7,243 19,606
BRIGHT HORIZONS FAMILY SOL INC CMN 11,344 16,427
THE BANCORP INC CMN 15,951 27,818
MGIC INVESTMENT CORP COMMON STOCK 8,352 16,977
ASSURED GUARANTY LTD. CMN 10,004 15,188
H.B. FULLER COMPANY CMN 12,014 10,643
KADANT INCORPORATED CMN 15,401 17,956
ENPRO INC CMN 11,753 19,700
EASTERN BANKSHARES INC CMN 20,027 25,581
CTS CORPORATION CMN 19,363 20,149
NEXSTAR MEDIA GROUP INC CMN 11,222 13,604
EASTGROUP PROPERTIES INC CMN 12,831 14,786
ENCOMPASS HEALTH CORPORATION CMN 10,891 19,211
NCR ATLEOS CORP CMN 12,669 21,189
HEALTHEQUITY, INC. CMN 17,176 22,444
INGEVITY CORPORATION CMN 22,389 23,731
NCR VOYIX CORP CMN 12,289 8,894
DIGITALBRIDGE GROUP, INC. CMN 14,429 19,973
ASCENDIS PHARMA A/S SPONSORED ADR CMN 8,088 15,567
NEUROCRINE BIOSCIENCES, INC. CMN 12,764 15,601
VALMONT INDUSTRIES INC CMN 10,668 16,495
WYNDHAM HOTELS & RESORTS, INC. CMN 19,478 18,512
DYNATRACE HOLDINGS LLC CMN 9,571 9,491
POWER INTEGRATIONS, INC. CMN 16,073 9,240
FIRST WATCH RESTAURANT GROUP, CMN 12,707 10,782
LIFESTANCE HEALTH GROUP, INC. CMN 8,456 8,842
ENTEGRIS, INC. CMN 9,827 8,257
ADYEN N.V. ADR CMN 12,355 14,373
AIA GROUP LIMITED SPONSORED ADR CMN SERIES 24,796 29,523
AIR LIQUIDE SA ADR CMN 28,255 34,670
ALCON, INC. CMN 12,616 13,634
ALFA LAVAL AB UNSPONSORED ADR CMN 11,338 16,923
ALLIANZ SE ADR CMN 38,469 74,755
ASSA ABLOY AB UNSPONSORED ADR (SWEDEN) 21,410 33,443
ATLAS COPCO AB SPONS ADR NEW REPSTG COM SER-A 22,763 30,855
BANCO BILBAO VIZCAYA S A ADR SPONSORED ADR CMN USD0.3296 12,227 42,168
CANADIAN NATIONAL RAILWAY CO. CMN 26,327 23,230
CHUGAI PHARMACEUTICAL CO., LTD UNSPONSORED ADR CMN 17,273 33,709
CREDICORP LTD. CMN 9,607 17,794
DAIFUKU CO., LTD. ADR CMN 8,538 14,494
DASSAULT SYSTEMES SPONSORED ADR CMN 16,748 12,488
DBS GROUP HOLDINGS SPONSORED ADR CMN 44,046 78,711
ENN ENERGY HOLDINGS LIMITED ADR CMN 887 1,102
EPIROC AB ADR CMN 13,738 16,621
FOMENTO ECONOMICO MEXICANO SAB DE C.V. NEW SPONS ADR REPSTG UNIT 1 SER B SH 25,649 28,603
GENMAB A/S SPONSORED ADR CMN 13,786 13,737
HAIER SMART HOME CO.,LTD. ADR CMN 12,569 12,640
HALEON PLC SPONSORED ADR CMN 19,407 23,748
INFINEON TECHNOLOGIES AG - ADR SPONSORED ADR CMN 1 ADR = 1 SHARE 10,232 12,097
KOMATSU LTD ADR (NEW) SPONSORED GDS CMN 5,181 7,050
LOREAL CO (ADR) ADR CMN 37,116 41,936
MANULIFE FINANCIAL CORP CMN 19,800 38,856
NESTLE SA SPONSORED ADR (REP 1/20 CHF 10 REGD SHS) 51,855 50,191
NOVOZYMES A/S UNSPONSORED ADR CMN 15,041 17,506
P.T. TELEKOMUNIKASI INDONESIA ADS ( 1 ADS --> 40 ORD SHS) 13,153 12,925
PING AN INS GRP CO OF CHINA SPONSORED ADR CMN 10,036 12,405
SAP SE (SPON ADR) 30,552 49,068
SCHNEIDER ELECTRIC SE UNSPONSORED ADR (FRANCE) SCHNEIDER ELECTRIC SE UNSPONS 43,298 62,239
SHIONOGI & CO., LTD. UNSPONSORED ADR CMN 12,972 15,063
SONOVA HOLDING AG (THE) UNSPONSORED ADR CMN 11,781 11,397
SONY GROUP CORPORATION SPONSORED ADR CMN 38,004 56,960
SYMRISE AG UNSPONSORED ADR CMN 12,206 9,161
SYSMEX CORPORATION ADR CMN 25,017 12,774
TAIWAN SEMICONDUCTOR MFG ADS LTD ADS 1ADS EQUALS 5ORDS 17,724 49,838
TENCENT HOLDINGS LIMITED UNSPONSORED ADR CMN ADD ADR REL 19358779 30,627 42,173
UNICHARM CORP. SPONSORED ADR CMN 16,038 8,437
A.P. MOLLER - MAERSK A/S ADR CMN 5,460 6,998
ABB LTD SPONSORED ADR CMN 12,119 22,425
ADIDAS AG ADR CMN 6,568 6,949
ADVANTEST CORPORATION SPONSORED ADR CMN 3,329 20,293
AENA SME SA ADR CMN 1,170 2,126
AISIN CORP ADR CMN 830 1,568
AJINOMOTO INC (ADR) ADR CMN 3,779 4,931
AMADEUS IT GROUP SA ADR CMN 4,229 4,945
ANZ GROUP HOLDINGS LTD ADR CMN 17,096 24,984
ASHAI KASEI CORP ADR CMN 4,481 5,547
ASICS CORP ADR CMN 1,086 4,144
ASM INTERNATIONAL N.V. ADR CMN SERIES REG SHARES 3,275 5,471
ASML HOLDING N.V. ADR CMN 82,864 127,313
ASSICURAZIONI GENERALI SPA UNSPONSORED ADR CMN 4,995 9,552
ASTELLAS PHARMA INC. UNSPONSORED ADR CMN 5,995 6,783
ASTRAZENECA PLC SPONS ADR SPONSORED ADR CMN 51,604 70,051
AXA-UAP AMERICAN DEPOSITARY SHARES 12,860 19,291
BANCO SANTANDER, S.A. SPON ADR 9,676 31,343
BANK OF MONTREAL CMN 18,829 26,867
BANK OF NOVA SCOTIA (THE) CMN 18,041 27,413
BARCLAYS PLC,AMER DEP SHS ADR CMN 9,684 28,886
BARRICK MINING CORP-FORMERLY BARRICK GOLD CORPORATION CMN 9,747 22,254
BAYERISCHE MOTOREN WERKE AKTIE SPONSORED ADR CMN 6,132 7,548
BCE INC. CMN 1,460 1,596
BEZEQ - THE ISRAEL TELECOMMUNI UNSPONSORED ADR CMN 2,648 4,243
BNP PARIBAS SPONSORED ADR CMN 15,299 22,582
BOLIDEN AB (PUBL) UNSPONSORED ADR CMN 4,984 9,054
BRAMBLES LIMITED SPONSORED ADR CMN 7,971 12,463
BRIDGESTONES CORP. ADR ADR CMN 4,615 5,647
CAE INC. CMN 1,859 2,555
CANADIAN IMPERIAL BANK OF COMMERCE CMN 12,450 25,643
CANADIAN PACIFIC KANSAS CITY L CMN 20,062 19,291
CANON INC ADR SPONSORED ADR CMN 5,662 7,005
CAP GEMINI ADR CMN 7,258 6,683
CELLNEX TELECOM SA ADR CMN 4,473 4,172
CGI INC. CMN 6,940 6,369
COLOPLAST A/S SPONSORED ADR CMN 15,444 11,273
COMMONWEALTH BANK OF AUSTRALIA SPONSORED ADR CMN 30,173 45,721
COMPAGNIE DE SAINT-GOBAIN UNSPONSORED ADR CMN 6,871 10,887
COMPAGNIE GENERALE DES ETABLIS UNSPONSORED ADR CMN 5,637 5,785
DAI NIPPON PRINTING LTD SPONSORED ADR CMN 2,785 3,369
DAI-ICHI LIFE HOLDINGS INC ADR CMN DAI-ICHI LIFE HOLDINGS INC 5,699 8,116
DAIICHI SANKYO CO LTD SPONSORED ADR CMN 12,687 9,292
DAIWA HOUSE IND LTD (ADR) ADR CMN 5,446 7,296
DANONE SPONSORED ADR CMN 8,102 11,326
DENSO CORP ADR ADR CMN 6,915 7,270
DENTSU INC. TOKYO UNSPONSORED ADR CMN 1,848 1,612
DEUTSCHE BANK AG CMN 5,520 16,658
DEUTSCHE BOERSE AG UNPOSNORED ADR CMN 7,326 9,905
DEUTSCHE POST AG SPONSORED ADR CMN 8,211 10,867
DEUTSCHE TKM ADR SPONSORED ADR CMN 17,837 22,967
DISCO CORPORATION ADR CMN 28,818 36,846
EBARA CORP ADR ADR CMN 1,630 3,996
ENBRIDGE INC. CMN 20,898 26,307
ENDESA SA ADR CMN 1,986 3,274
ENERGIAS DE PORTUGAL SA SPONSORED ADR CMN 3,226 4,368
ENGIE SPONSORED ADR CMN 6,778 11,554
ERICSSON AMERICAN ADR CMN CLASS B 7,566 12,246
FANUC CORPORATION UNSPONSORED ADR CMN 5,662 7,666
FAST RETAILING CO LTD UNSPONSORED ADR CMN 9,298 15,257
FERRARI N.V. CMN 6,615 8,130
FORTESCUE METALS GROUP LTD SPONSORED ADR CMN 9,143 10,538
FUJI ELECTRIC CO., LTD. ADR CMN 2,053 3,156
FUJIFILM HOLDINGS CORPORATION ADR CMN 5,316 6,219
FUJITSU LTD ADR (5 COM) ADR CMN 6,726 12,787
GEBERIT AG ADR CMN 2,171 3,128
GIVAUDAN SA ADR CMN 7,727 7,942
GSK PLC ADR CMN 17,037 23,932
HEIDELBERG MATERIALS AG ADR CMN 2,017 7,019
HENKEL AG & CO. KGAA SPONSORED ADR USD0.6392 REPSTG PFD SHARES 905 1,042
HITACHI CONSTR MACHY CO LTD UNSPONSORED ADR CMN 980 1,241
HITACHI LTD (ADR 10 COM) ADR CMN 12,108 31,399
HONDA MTR LTD (AMER SHS) ADR CMN 7,820 9,375
HONGKONG LAND HOLDINGS LTD UNSPONSORED ADR CMN 566 834
HSBC HOLDINGS PLC SPONSORED ADR CMN 34,535 71,432
IBERDROLA SOCIEDAD ANONIMA SPONSORED ADR CMN 12,666 22,467
INDUSTRIA DE DISENO TEXTIL, S. ADR CMN 7,917 13,664
INTESA SANPAOLO SPA SPONSORED ADR CMN 9,387 21,738
JAPAN AIRLINES CO., LTD. ADR CMN 2,251 2,020
JERONIMO MARTINS SGPS SA UNSPONSORED ADR CMN 1,907 2,237
KBC GROUP NV UNSPONSORED ADR CMN 8,286 17,051
KDDI CORPORATION UNSPONSORED ADR CMN 9,005 10,644
KERING ADR CMN 7,136 5,692
KESKO OYJ UNSPONSORED ADR CMN REPRESENTING B SHARES (FINLAND 1,165 1,289
KINGSPAN GROUP PUBLIC LIMITED UNSPONSRED ADR CMN 3,179 4,093
KNORR-BREMSE AG ADR CMN 746 838
KONE OYJ UNSPONSORED ADR CMN REPRESENTING B SHARES (FINLAND 2,544 3,556
KONINKLIJKE AHOLD N.V. SPONSORED ADR CMN 4,706 6,512
KUBOTA CORP ADR ADR CMN 3,563 3,535
LEGRAND SA ADR CMN 5,448 8,638
LIXIL GROUP CORPORATION ADR CMN 4,037 3,650
LLOYDS BANKING GROUP PLC SPONSORED ADR CMN 10,119 22,329
LVMH MOET HENNESSY LOUIS VUITTON S.A. ADR CMN 44,203 41,512
MARUI LTD (ADR NEW) ADR CMN 1,057 1,356
MEDIOBANCA - BANCA DI CREDITO UNSPONSORED ADR CMN 1,484 2,715
MEIJI HOLDINGS CO LTD ADR CMN 344 311
MERCEDES-BENZ GROUP AG ADR CMN 8,157 8,836
MINERAL RES LTD ADR CMN 2,673 4,352
MITSUBISHI CHEMICAL HOLDINGS C UNSPONSORED ADR CMN 2,796 2,627
MITSUBISHI ELECTRIC CORP (ADR) ADR CMN 5,573 14,216
MITSUBISHI ESTATE LTD ADR ADR CMN 5,047 9,800
MITSUBISHI UFJ FINL GROUP, INC SPONSORED ADR CMN 19,944 40,475
MITSUI CHEMICALS, INC. UNSPONSORED ADR CMN 2,885 1,907
MITSUI FUDOSAN CO., LTD. UNSPONSORED ADR CMN 5,136 9,576
MITSUI O.S.K. LINES, LTD. ADR CMN 2,955 3,441
MIZUHO FINANCIAL GROUP, INC. SPONSORED ADR CMN 9,105 20,284
MONCLER S P A ADR CMN 3,267 3,225
MS&AD INSURANCE GROUP HOLDINGS ADR CMN 4,557 8,929
MUENCHENER RUECKVERSICHERUNGS- UNSPONSORED ADR CMN 10,645 17,485
MURATA MANUFACTURING CO., LTD. UNSPONSORED ADR CMN 8,433 8,977
NATIONAL AUSTRALIA BANK LIMITE SPONSORED ADR (NEW) 24,602 30,288
NATIONAL GRID PLC SPONSORED ADR CMN 22,988 28,465
NATWEST GROUP PLC SPONSORED ADR CMN 6,487 18,515
NESTE OYJ UNSPONSORED ADR CMN 2,532 1,254
NIKON CORP (ADR) ADR CMN 1,889 2,025
NIPPON TELEG & TEL SPON ADR SPONSORED ADR CMN (1 ADR = 1/2 COMMON SHS) 8,410 7,520
NITERRA CO.,LTD. UNSPONSORED ADR CMN 496 1,143
NOKIA CORPORATION SPONSORED ADR CMN 3,026 4,529
NOMURA HOLDINGS, INC. SPONSORED ADR CMN 4,015 8,415
NOMURA RESEARCH INSTITUTE, LTD ADR CMN 3,858 5,916
NORDEA BANK ABP SPONSORED ADR CMN 6,518 10,843
NOVARTIS AG-ADR SPONSORED ADR CMN 42,632 62,042
NTT DATA GROUP CORP UNSPONSORED ADR CMN 3,554 5,700
NUTRIEN LTD. CMN 7,105 8,147
OLYMPUS CORPORATION ADR CMN 4,818 4,191
OMRON CORP. SPONSORED ADR CMN 2,214 1,693
ORANGE ADR 4,470 6,854
ORIENTAL LAND CO., LTD. ADR CMN 6,909 5,141
PEARSON PLC SPON ADR SPONSORED ADR CMN 3,060 3,622
PROSUS NV SPONSORED ADR CMN 9,996 16,871
PRYSMIAN S.P.A. UNSPONSORED ADR CMN 2,969 6,290
PUBLICIS GROUPE SA SPONSORED ADR CMN 5,813 6,843
QBE INSURANCE GROUP LIMITED SPONSORED ADR CMN 6,122 7,149
RELX PLC SPONSORED ADR CMN 19,922 24,697
RENTOKIL INITIAL PLC ADR + SPONSORED ADR CMN 4,554 5,509
ROGERS COMMUNICATIONS INC CMN CLASS B 4,221 5,395
ROHM CO.,LTD. UNSPONSORED ADR CMN 2,622 2,068
ROYAL BANK OF CANADA CMN 38,838 67,685
SAMPO OYJ UNSPONSORED ADR CMN REPRESENTING A SHARES (FINLAND 3,428 5,290
SANOFI SPONSORED ADR CMN 21,976 21,807
SECOM LTD (ADR) ADR CMN 3,508 4,125
SEKISUI HOUSE, LTD SPONSORED ADR CMN 7,727 7,454
SEVEN & I HOLDINGS CO., LTD. UNSPONSORED ADR CMN 7,393 7,581
SGS SA ADR CMN 3,279 3,808
SIEMENS AKTIENGESELLSCHAFT SPONSORED ADR CMN 24,732 41,007
SIEMENS HEALTHINEERS AG ADR CMN 3,415 3,271
SIKA AG ADR CMN 11,249 8,435
SINGAPORE AIRLINES LIMITED UNSPONSORED ADR CMN 4,582 4,389
SINGAPORE TELECOMMUNICATIONS L SPONSORED ADR CMN 5,508 10,190
SKANSKA AB SPONSORED ADR CMN 4,052 6,514
SKF AB SPONSORED ADR SWKR 12.50 3,310 4,879
SMITH & NEPHEW PLC ADR CMN 5,020 6,398
SOFTBANK CORP. ADR CMN 8,190 9,237
SOFTBANK GRP CORP UNSPONSORED ADR CMN 8,611 22,850
SPARK NEW ZEALAND LTD SPONSORED ADR CMN 2,217 938
STANTEC INC. CMN 3,217 4,812
STELLANTIS NV CMN 4,767 4,214
STMICROELECTRONICS NV ADR CMN 5,621 3,891
STORA ENSO OYJ SPONSORED ADR CMN 1,143 1,044
SUBSEA 7 SA SPONSORED ADR CMN 2,354 3,888
SUMITOMO CHEMICAL CO., LTD. UNSPONSORED ADR CMN 3,805 3,767
SUMITOMO ELECTRIC LTD (ADR) ADR CMN 2,849 9,604
SUMITOMO METAL MINING CO LTD ADR CMN 5,301 5,840
SUMITOMO MITSUI FINANCIAL GRP SPONSORED ADR CMN 12,980 27,468
SUN HUNG KAI PROP LTD SPON ADR SPONSORED ADR CMN 13,250 13,895
SUN LIFE FINANCIAL INC. CMN 8,079 10,358
SWEDBANK A B ADR CMN 7,625 14,281
SWISS RE LTD SPONSORED ADR CMN 6,723 9,894
SWISSCOM AMERICAN DEPOSITARY SHARES 1,710 2,179
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADR CMN 9,804 10,695
TDK CORPORATION (ADR) ADR 3,959 7,589
TELEFONICA S.A. ADR SPONSORED ADR CMN 2,338 2,398
TELENOR ASA AMERICAN DEPOSITARY SHARES 1 ADS = 3 ORDS 5,035 6,967
TELSTRA GROUP LTD SPONSORED ADR CMN 8,663 10,571
TERNA RETE ELETTRICA NAZIONALE ADR CMN 3,360 4,562
TEVA PHARMACEUTICAL IND LTD ADS 4,286 15,262
THOMSON REUTERS CORPORATION CMN 5,239 4,880
TOKIO MARINE HOLDINGS, INC. ADR CMN 10,991 16,886
TOKYO ELECTRON LIMITED UNSPONSORED ADR CMN 11,133 20,034
TORAY INDUSTRIES INC ADR ADR CMN 3,462 4,178
TORONTO DOMINION BANK CMN 28,968 46,912
TOTO LTD (ADR) SPONSORED ADR CMN 1,750 1,825
TOYOTA MOTOR CORPORATION SPON ADR 35,665 50,732
UBS GROUP AG CMN 14,487 30,148
UNICREDIT, SOCIETA PER AZIONI ADR 7,359 24,779
UNILEVER PLC (NEW) SPONSORED ADR CMN 30,752 37,409
UOL GROUP LIMITED SPONSORED ADR CMN 3,817 6,225
UPM-KYMMENE OYJ ADR CMN 5,324 4,979
VEOLIA ENVIRONNEMENT SPONSORED ADR CMN 4,243 4,887
VESTAS WIND SYSTEMS A/S ADR CMN 6,389 12,797
VINCI SA ADR CMN 12,681 16,038
VODAFONE GROUP PLC ADR CMN 7,071 11,044
VOLKSWAGEN AKTIENGESELLSCHAFT ADR CMN 3,838 3,977
VOLKSWAGEN AKTIENGESELLSCHAFT ADR CMN SERIES 1,074 740
VOLVO AB ADR CMN 16,549 23,977
VOLVO CAR AB CMN 158 127
VONOVIA SE ADR CMN 7,413 7,551
WESFARMERS LIMITED ADR CMN 16,031 23,252
WILMAR INTERNATIONAL LIMITED UNSPONSORED ADR CMN 4,906 4,407
YAMAHA CORPORATION SPONSORED ADR CMN 1,743 1,066
YAMAHA MOTOR CO., LTD. UNSPONSORED ADR CMN 1,608 1,435
YOKOGAWA ELECTRIC CORPORATION ADR CMN 487 896
ZURICH INS GROUP LTD SPONSORED ADR CMN 14,688 22,788
GS STRATEGIC FACTOR ALLOCATION FUND CLASS P 760,956 806,098
GS TACTICAL TILT OVERLAY FUND CLASS P 1,622,107 1,630,182
ABN AMRO BANK N.V. ADR CMN 2,393 5,003
AEON CO., LTD ADR CMN 9,662 15,945
ARTHUR J GALLAGHER & CO CMN 14,017 13,975
BAKER HUGHES CO CMN 6,941 9,472
BXP INC COMMON STOCK 3,014 3,374
CHIPOTLE MEXICAN GRILL, INC. CMN 14,489 9,731
CONAGRA BRANDS INC CMN 1,581 1,021
CURBLINE PROPERTIES CORP. CMN 13,239 13,485
CYTOKINETICS, INC. CMN 12,270 13,089
D.R. HORTON, INC. CMN 8,177 7,922
DOVER CORPORATION CMN 4,737 5,271
FERROVIAL SE CMN 2,624 4,264
FISERV, INC. CMN 16,814 7,389
HERMES INTERNATIONAL UNSPONSORED ADR CMN 17,504 17,445
ICL GROUP LTD CMN 2,016 2,901
INSMED INC CMN 4,460 10,790
KERRY GROUP PUBLIC LIMITED COM SPONSORED ADR CMN 4,297 3,847
LASERTEC CORPORATION ADR CMN 22,129 27,840
MERCADOLIBRE, INC. CMN 13,738 16,114
MOWI ASA SPONSORED ADR CMN 3,995 5,449
NITTO DENKO CORPORATION ADR CMN 3,787 5,262
NOMAD FOODS LTD CMN 23,182 17,039
OLD NATIONAL BANCORP CMN 21,459 24,608
OSI SYSTEMS, INC. CMN 11,837 16,834
PINNACLE WEST CAPITAL CORP CMN 179 177
RECRUIT HOLDINGS CO., LTD. ADR 19,565 18,287
RENESAS ELECTRONICS CORPORATIO ADR CMN 7,099 5,556
SENSATA TECHNOLOGIES HOLDING P CMN 15,226 13,682
SOMPO HOLDINGS, INC. ADR CMN 0 9,021
TECHTRONIC INDUSTRIES COMPANY SPONSORED ADR CMN 10,733 8,489
UBER TECHNOLOGIES, INC. CMN 30,688 34,236
ULTA BEAUTY INC CMN 3,871 5,445
DAYFORCE INC CMN 1,817 2,075
AFLAC INCORPORATED CMN 3,398 10,696
APPLIED INDUSTRIAL TECHNOLOGY INC 16,651 20,285
AUTODESK,INC. CMN 11,492 12,728
BOOKING HOLDINGS INC. CMN 27,704 32,132
BRUKER CORP CMN 18,086 21,623
BRIGHTSPRING HEALTH SERVUCES CMN 14,596 18,051
CLOROX CO. CMN 3,330 2,319
CONFLUENT INC CMN 18,744 27,065
COSTCO WHOLESALE CORPORATION CMN 79,106 75,024
CUSHMAN & WAKEFIELD PLC CMN 12,104 16,222
DANAHER CORPORATION CMN 29,832 28,386
DECKERS OUTDOORS CORP CMN 3,971 2,695
DOMINION ENERGY INC CMN 9,577 10,312
ECOVYST INC. CMN 17,553 19,762
ENERPAC TOOL GROUP CORP CMN 19,451 17,935
EURONET WORLDWIDE, INC. CMN 17,227 18,571
EXPEDIA GROUP INC CMN 3,379 7,083
FRANKLIN RESOURCES INC CMN 3,119 3,082
FIRST SOLAR, INC. CMN 2,758 5,486
GE VERNOVA LLC CMN 8,415 35,946
GEN DIGITAL INC CMN 2,698 2,529
GENERAC HOLDINGS INC. CMN 10,541 10,773
GENERAL ELECTRIC COMPANY CMN 29,168 64,994
GLOBAL PAYMENTS INC. CMN 5,543 3,715
GUARDIAN PHARMACY SERVICES INC CMN CLASS A 18,447 23,982
HALLIBURTON COMPANY HARTFORD INSURANCE GROUP INC/T CMNHARTFORD INSURANCE G 4,031 7,303
HORACE MANN EDUCATORS CORP CMN 13,924 18,103
HORMEL FOODS CORPORATION CMN 400 308
HUBBELL INCORPORATED CMN 3,104 3,553
ICU MEDICAL INC CMN 14,611 14,267
INSULET CORPORATION CMN 4,963 4,264
INTERCONTINENTAL EXCHANGE INC CMN 17,013 20,407
IQVIA HOLDINGS INC CMN 7,523 7,664
JAMES HARDIE INDUSTRIES PUBLIC CMN 15,101 13,467
JACOBS SOLUTIONS INC CMN 2,845 2,914
KESTRA MEDICAL TECHNOLOGIES, L CMN 11,657 15,726
KEURIG DR PEPPER INC CMN 9,093 7,591
LENNOX INTERNATIONAL INC CMN 3,418 2,913
LKQ CORPORATION CMN 1,818 1,359
LULULEMON ATHLETICA INC. CMN 7,098 4,572
MARSH ORD CMN 14,455 16,326
MASCO CORPORATION CMN 903 825
MCDONALDS CORP CMN 38,746 42,177
MODERNA, INC. CMN 2,515 2,271
MODINE MFG CO CMN 7,732 11,482
NEWS CORPORATION CMN CLASS B 338 326
NEWS CORPORATION CMN CLASS A 2,001 1,933
NOVANTA INC. CMN 17,236 17,254
NUCOR CORPORATION CMN 5,364 7,177
O'REILLY AUTOMOTIVE, INC. CMN 14,373 14,685
ONESTREAM INC CMN 23,584 20,144
OPENLANE INC CMN 11,854 17,183
ORTHOPEDIATRICS CORP CMN 14,995 9,217
PARAMOUNT SKYDANCE CORPORATION CMN CLASS B 2,809 911
PARKER-HANNIFIN CORP. CMN 16,805 23,732
PROSPERITY BANCSHARES, INC. CMN 9,766 10,090
RESMED INC. CMN 6,593 7,226
SAILPOINT INC CMN 6,202 6,150
SBA COMMUNICATIONS CORPORATION CMN 5,142 4,255
SERVICENOW INC CMN 33,923 31,404
SI-BONE, INC. CMN 8,739 11,378
SITEONE LANDSCAPE SUPPLY, INC. CMN 14,134 13,079
SITIME CORP CMN 8,906 20,132
SLB LTD CMN 14,322 11,821
SMURFIT WESTROCK PUBLIC LIMITE CMN 5,139 4,254
STRYKER CORPORATION CMN 25,248 23,900
TALEN ENERGY CORPORATION CMN 8,916 21,366
TE CONNECTIVITY CORPORATION CMN 10,891 15,471
TENNANT COMPANY CMN 20,120 14,150
THE CAMPBELL'S COMPANY CMN 2,227 1,394
THERMO FISHER SCIENTIFIC INC CMN 39,655 44,618
TOPBUILD CORP. CMN 3,366 8,761
TOWNEBANK CMN 12,658 12,314
UNIVERSAL DISPLAY CORPORATION CMN 19,611 15,532
VAXCYTE INC CMN 14,849 10,197
VERALTO CORPORATION CMN 4,585 4,690
VERTEX, INC. CMN 22,059 15,317
VIATRIS INC CMN 1,587 1,967
WESTINGHOUSE AIR BRAKE TECHNOL CMN 6,100 7,044
WILEY JOHN & SONS CL-A CMN CLASS A 22,954 14,978
WILLIAMS-SONOMA, INC. CMN 4,954 4,465
WILLIS TOWERS WATSON PLC CMN 5,621 6,572
WORKDAY, INC. CMN CLASS A 10,077 9,236
WSFS FINANCIAL CORP CMN 14,308 16,682
XCEL ENERGY INC. CMN 8,144 8,272
YETI HOLDINGS INC CMN 11,539 13,163
ZIMMER BIOMET HOLDINGS INC 3,699 3,147
ZOETIS INC. CMN CLASS A 11,526 9,940
ZURN ELKAY WATER SOLUTIONS COR CMN 10,622 19,851
AGNICO-EAGLE MINES LIMITED CMN 8,286 24,412
AIB GROUP PUBLIC LIMITED COMPA ADR CMNAIB GROUP PUBLIC LIMITED COMPA ADR C 3,036 5,791
ALAMOS GOLD INC CMN CLASS A 5,168 6,713
AVIVA PLC ADR CMN 7,172 7,272
ASHTEAD GROUP PLC SPONSORED ADR CMN 7,263 8,206
BANK HAPOALIM B.M. SPONSORED ADR CMN 16,409 19,555
BANK OF IRELAND GROUP PUBLIC L ADR 1,794 2,192
BUNZL PLC SPONSORED ADR CMN 1,712 1,480
CAIXABANK, S.A. ADR CMN 5,258 6,972
CK HUTCHISON HLDGS LTD ADR CMN 6,765 8,211
COCA-COLA EUROPEAN PARTNERS PL CMN 3,533 3,265
COMMERZBANK AKTIENGESELLSCHAFT SPONSORED ADR CMN 3,089 8,437
COMPASS GROUP PLC SPONSORED ADR CMN 10,754 10,048
CONTEMPORARY AMPEREX TECHNOLOG ADR CMN 17,224 20,603
CREDIT AGRICOLE SA UNSPONSORED ADR CMN 1,827 1,938
CSL LIMITED SPONSORED ADR CMN 23,869 17,903
DAITO TRUST CONSTRUCTION CO., SPONSORED ADR CMN 1,808 1,524
DSM-FIRMENICH AG ADR CMN 5,090 3,383
DSV A/S UNSPONSORED ADR CMN 16,304 22,601
ENEL SOCIETA PER AZIONI ADR CMN 13,434 15,910
ESSILOR INTERNATIONAL SA ADR CMN 15,830 17,434
EXPERIAN PLC SPONSORED ADR CMN 8,688 7,509
FRESENIUS SE & CO. KGAA SPONSORED ADR CMN 1,826 2,373
GRUPO FINANCIERO BANORTE, S.A. ADR CMN 8,459 10,300
H & M HENNES & MAURITZ AB (PUB ADR CMN 3,355 4,682
HDFC BANK LIMITED SPONSORED ADR CMN 28,674 33,544
HEXAGON AKTIEBOLAG ADR CMN 12,669 12,246
ICON PUBLIC LIMITED COMPANY CMN 1,815 2,369
KINROSS GOLD CORPORATION CMN 6,577 10,813
LONDON STOCK EXCHANGE GROUP PL SPONSORED ADR CMN 15,433 11,950
M3, INC. ADR CMN 10,413 9,049
MERCK KOMMANDITGESELLSCHAFT AU SPONSORED ADR CMN 3,257 3,456
NETEASE INC SPONSORED ADR CMN 10,727 14,450
NICE SYSTEMS LTD 1 ADR REPRESENTS 1 ORD SH 21,944 18,539
NINTENDO CO LTD (NEW) ADR ADR CMN 23,261 18,065
NORSK HYDRO ASA SPONSORED ADR CMN 3,353 4,815
OBIC CO., LTD. ADR CMN 18,862 16,988
OPEN TEXT CORPORATION CMN 2,278 2,900
ORKLA A.S.'A' SHS SPON ADR SPONSORED ADR CMN CLASS A 1,758 1,718
ORSTED A/S ADR CMN 2,836 1,308
PAN AMERICAN SILVER CORP. CMN 3,508 6,632
RECKITT BENCKISER GROUP PLC SPONSORED ADR CMN 10,442 12,061
RIO TINTO PLC SPONSORED ADR 50,786 59,622
ROCHE HOLDING AG ADR B SHS(NOM CHF 100) VAL 224.184 58,889 85,856
RYANAIR HOLDINGS PLC SPONSORED ADR CMN 11,787 14,871
S.F. HOLDING CO., LTD CMN 11,213 8,485
SAGE GROUP PLC. (THE) ADR CMN 3,418 2,913
SEA LIMITED SPONSORED ADR CMN CLASS A 10,768 7,144
SEVERN TRENT PLC SPONSORED ADR CMN 1,817 1,951
SHIN-ETSU CHEMICAL CO., LTD. UNSPONSORED ADR CMN 11,370 12,995
SHISEIDO CO., LTD. SPONSORED ADR CMN 2,682 1,817
SIEMENS ENERGY AG ADR CMN 10,070 18,100
SOCIETE GENERALE S.A. (ADR) SPONSORED ADR CMN 6,864 10,169
SONIC HEALTHCARE LIMITED ADR 3,400 2,774
SONY FINANCIAL GROUP INC. ADR CMN 294 1,412
SOUTH32 LIMITED SPONSORED ADR CMN 5,117 6,540
SSE PLC SPONSORED ADR CMN 1,786 2,315
STANDARD CHARTERED PLC ADR CMN 1,694 2,745
TC ENERGY CORP CMN 14,084 15,568
TECK RESOURCES LIMITED CMN CLASS B 3,920 5,555
TELIA CO AB UNSPONSORED ADR CMN 6,994 7,860
TERUMO CORPORATION ADR CMN 7,241 5,518
TESCO PLC SPONSORED ADR CMN 6,828 7,862
THE MAGNUM ICE CREAM COMPANY N CMN 1,694 2,029
UCB S.A. (UNION CHIMIQUE BELGE UNSPONSORED ADR CMN 8,735 18,215
UNIVERSAL MUSIC GROUP N.V. ADR CMN 5,328 5,104
MAZDA MOTOR CORPORATION UNSPONSORED ADR CMN 1,770 2,186
IHI CORP ADR CMN 3,495 3,409
BIONTECH SE SPONSORED ADR CMN 1,780 1,714
YARA INTERNATIONAL ASA SPONSORED ADR CMN 1,820 2,052
MITSUBOSHI CORPORATION ADR CMN 16,343 23,130

TY 2025 InvestmentsGovtObligationsSch
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
US Government Securities - End of Year Book Value:

4,266,211
US Government Securities - End of Year Fair Market Value:

4,335,041
State & Local Government Securities - End of Year Book Value:


0
State & Local Government Securities - End of Year Fair Market Value:


0


TY 2025 InvestmentsOtherSchedule2
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
PARTNERSHIP INTERESTS AT COST 325,735 325,735

TY 2025 OtherExpensesSchedule
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT FEES-GOLDMAN SACHS-7933 92,842 92,842   0


TY 2025 OtherIncomeSchedule2
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
GOLDMAN SACHS-7933 72 72 72
TREXLER MALL SHOPPING CENTER VENTURE- RENTAL INCOME FROM K-1 74,719 74,719 74,719
BRONXVILLE WEST REALTY PARTNERS -1,270 -1,270 -1,270
TREXLER ACQUISITION COMPANY- ORDINARY INCOME FROM K-1 -13 -13 -13


TY 2025 OtherIncreasesSchedule
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
Description Amount
ADJUSTMENT TO NET ASSETS FOR BOOK/TAX DIFFERENCES 157,290


TY 2025 TaxesSchedule
Name:
MUSTANG FOUNDATION INC
EIN:
82-3625985
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES ON INVESTMENTS-GOLDMAN SACHS 13,444 13,444   0
FEDERAL EXCISE TAX 111,500 0   0